Is Apple Taking a Bite Out of the Password Management Market?
Apple’s recent announcement of its standalone password manager at WWDC 2024 is a call to action for every Apple user to upgrade their password practices and prioritize the creation and secure storage of the credentials that protect their most sensitive assets. If the regular headlines about account takeover attacks leading to data breaches and severe financial consequences for organizations weren’t enough, Apple’s announcement further reinforces how essential effective password management is in protecting accounts and sensitive data from dangerous cybercriminals. From individuals to multinational corporations, a secure password manager serves as a critical frontline defense against common cyberthreats that pose significant risks to organizations in the UK and around the world.
As small and medium-sized businesses (SMBs) increasingly find themselves being targeted by opportunistic cybercriminals, maintaining strong cybersecurity practices is paramount. While Apple’s new password manager will undoubtedly improve security for consumers looking for a basic solution, and improves on previous iCloud Keychain features, it lacks the features, cross-platform functionality, and perhaps most importantly, the robust enterprise-grade protection offered by leading password managers on the market today.
Keeper Security’s 2024 Future of Defense report highlights that 95% of IT leaders believe cyberattacks are becoming increasingly sophisticated, with password-related attacks being one of the top five fastest-growing threat vectors. This underscores the urgent need for comprehensive password management solutions, especially for SMBs. A device manufacturer’s off-the-shelf solution simply doesn’t include the essential benefits of purpose-built enterprise solutions, including:
CTO and co-founder of Keeper Security.
Enhanced security:
Advanced password managers use robust encryption models to securely store, protect, and share passwords, passkeys, and other sensitive data across applications and online services. Top-tier password managers often have security designations such as SOC2 attestation and ISO27001 certification, which proves that they meet the highest security standards in the industry. A free consumer product without these certifications lacks the robust security needed to mitigate the risk of cyberattacks on organizations in an increasingly dangerous threat landscape.
Increased productivity:
By streamlining credentials and file management, enterprise-grade password management solutions significantly reduce help desk costs associated with password resets and access issues – for businesses of all sizes. Employees can focus on their core tasks without being hindered by frequent password-related issues.
Secure file sharing:
A robust enterprise password management solution facilitates secure file sharing between team members. With encrypted storage, granular permission controls, and secure file transfer protocols, organizations can ensure that only authorized personnel have access to sensitive documents. Features like audit trails provide visibility into file access and changes, improving accountability and compliance. This secure approach enables seamless collaboration without compromising data integrity.
Cross-platform accessibility:
Users can access their password vaults via a web application, desktop app, browser extension, or mobile app. Importantly, a dedicated enterprise solution works across all devices, browsers, and operating systems to meet the needs of a modern, distributed workforce. This is a key benefit that is lacking in password management systems that are tied to a specific operating system or device, allowing for seamless integration across diverse IT environments.
Administrative supervision:
Administrators have the ability to monitor password and secret usage, seamlessly integrate with their current identity stack, and enforce role-based platform access policies. Centralized control ensures consistent adherence to security protocols across the organization and enables administrators to enforce password policies, such as password length or use of MFA, which provide a critical frontline defense against cyberattacks.
Dark Web Surveillance:
Organizations need to identify compromised passwords via dark web monitoring, in real time, to protect their networks and systems from common cyber threats such as password stuffing and spraying attacks. Rapid detection and rotation of these passwords allows companies to proactively prevent potential security breaches.
Single sign-on (SSO) integration:
Integration with SSO products like Entra ID, Okta, Ping, and Duo is crucial for SMBs. While SSO solutions help with authorization and convenience, they are not a standalone cybersecurity solution and leave dangerous security holes for cybercriminals to exploit. Hundreds of thousands of cloud and native applications do not support SSO, but integrating SSO with an enterprise password manager covers all login scenarios to ensure every account is protected with the highest level of security.
Advanced capabilities for growing organizations:
Mid- to large-sized SMBs with complex IT infrastructures gain significant benefits from advanced capabilities such as infrastructure secrets management, automated password rotation, integration with third-party CI/CD systems, and secure remote machine access. These capabilities promote scalability and establish robust security measures that are critical for business expansion.
Conclusion
While Apple’s new standalone password manager is a positive step forward, SMBs need more comprehensive solutions to address their unique challenges and security requirements beyond what Apple Password Manager offers. A robust password management solution not only strengthens security, but also increases productivity, enables cross-platform accessibility, and offers advanced administrative and integration features. In today’s dynamic cybersecurity landscape, where cybercriminals are increasingly targeting smaller entities with sophisticated attacks, investing in a reliable, vendor-agnostic password manager is a critical element of any SMB’s cybersecurity strategy.
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